The razor market is predicted to generate a revenue of $20.2 billion by 2024, advancing at a CAGR of 2.3% during the forecast period (2019-2024), owing to several factors such as the rising focus of men on appearance, and increasing purchasing power of the population, mainly in emerging economies, such as China and India.

On the basis of type, the global razor market is classified into the cartridge, disposable, straight, electric, and safety razors. Among these, in 2018, the cartridge razor classification held the largest revenue share in the market. This is attributed to increasing marketing and advertisement by the companies in the market during the historical period (2014-2018). Except this, better comfort in replacing the blade in cartridge razors is another reason for its swift growth. Gillette’s cartridge razors were the most popular choice among consumers. Asia-Pacific and Europe were the largest regions for the cartridge razor market, wherein India, China, and Germany registered the heaviest demand.

Based on the segment, the global razor market is categorized into standard, mass, and premium. Out of these, in 2018, the mass category dominated the market in terms of revenue contribution. Straight razors, disposable razors, and a large number of cartridge razors fall under the mass segment. Furthermore, most of these razors are easy to handle and cheap, which makes them the favored choice of the mass consumer base. The largest market for mass products lies in the APAC region, owing to the relatively low per capita income of nations such as South Korea, India, and Indonesia.

Further, on the basis of the razor blade type, the razor market is bifurcated into carbon steel and stainless steel blade. Of these, stainless steel blades held the larger revenue share in the market in 2018. Carbon steel blades are susceptible to rust, whereas stainless steel blades have superior quality. This is one of the reasons consumers are preferring stainless steel blades over the carbon steel type. In addition, women consumers are inclining toward stainless steel blades, since these are safe and last for a longer duration compared to other types.

In APAC, countries such as Sri Lanka, India, Vietnam, Australia, and the Philippines have a huge population residing in rural areas. For instance, in India, nearly 66.0% of all people reside in rural areas. Similarly, it has been seen that around 31.0% of the Australian population resides in rural or remote areas. Consumers living in rural areas of developing countries use cheap and inferior-quality blades and razors.

However, with the increasing influence of social media as well as due to modernization, a change in consumer behavior in rural areas is being witnessed. The growing awareness about the use of these razors is opening new doors for razor manufacturers in the remote areas of developing countries.

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